Economic Effects of Idea Generation and Idea Management System in Automotive Industry: a Quantitative Case Study for Romania

Abstract

In the dynamic landscape of the automotive industry, innovation is the key driver of success. Companies that actively engage in idea generation and have efficient idea management systems in place often gain a competitive edge. This article explores the importance and necessity of idea generation in the context of the automotive industry in Romania, shedding light on the economic effects it can have. Based on a review of scientific literature, the paperwork adds value by filling in a gap on continuous improvement process, idea management, and idea management system concepts, by describing in detail how Idea Management System can be introduced, and by performing a quantitative analysis, using complex statistical methods and machine learning on big data collected to observe the effects of Idea Management System use on the results and the level of employee involvement, as well as finding out a predictor of potential savings for automotive company. Very few academic papers take into consideration the economic effect of Idea Management System especially for the company’ performance (KPIs), focusing rather on performance metrics for idea management.